Saudi Arabia records budget surplus of $3.76 billion in third quarter

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Saudi Arabia recorded a budget surplus of 14.14 billion riyals ($3.76 billion) in the third quarter of 2022, state television said on Monday, citing the Kingdom’s finance ministry.

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It added the country posted revenues of 301.87 billion riyals ($80.4 billion) in the same quarter.

Oil revenues were at 229 billion riyals ($61 billion) and the Kingdom’s expenses were at 287.73 billion riyals ($76.62 billion), it said.

The Kingdom’s gross domestic product expanded by 8.6 percent in the third quarter compared with the same period in 2021.

Growth was largely driven by a 14.5 percent increase in oil activities, the General Authority for Statistics said, while non-oil activities expanded 5.6 percent.

Second quarter real gross domestic product was up 12.2 percent, the Kingdom reported in September, exceeding a flash estimate at the end of July of 11.8 percent growth on the back of higher oil prices.

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